Who can I use for builders risk and general liability insurance coverage on EDC loans?
EDC uses a master insurance policy for all loans and an insurance certificate will be issued to the borrower at settlement. The insurance coverage is obtained by ordering insurance through the EDC website. EDC has established a relationship with Affinity Group Management Co., Inc. DBA Renovators Insurance. Each property will be insured to its full ARV value and borrowers will be listed as the insured party. The cost for the policies is built into the loan. For each loan we require 12 months of premiums to be escrowed. If the loan is repaid in full on or before the escrow has been fully utilized then the balance will be refunded to you. If you refinance your loan, Affinity will work with you to convert your policy to fit your needs.
